Many first time home buyers come to us confused by the numerous First Time Home Buyer Programs in Lees Summit that are accessible for financing their first home. Not only that, but there may be plenty of real estate industry-specific terminology to understand, which makes the home buying process intimidating to say the least.
Hopefully I'll clarify a number of the greatest First Time Home Buyer Programs in Lees Summit which might be available in order that you will understand the options and requirements extra clearly. We're at always accessible as a resource if in case you have specific questions about these packages or any other home purchasing concepts, it doesn't cost a penny to give us a call (816)268-4025 and it's certainly free to check out our website
First Time Home Buyer Programs in Lees Summit
USDA Loans: USDA is an excellent option if you happen to reside in a small town or a rural area. This program doesn't have a down payment requirement, and has flexible requirements during the underwriting process.
However, many people confuse this mortgage with agricultural financing. USDA Home Loans are for residential housing in rural areas, not for farms or income producing properties.
FHA Loans: FHA is by far the most typical first time house buyer mortgage option. The explanation for this is that FHA has a really small down payment requirement of 3.5% (ie, $3500 on a $100,000 house), and has flexible underwriting standards (the underwriter is the person who critiques your file and says whether or not you're authorized and can get the financing).
Just in case your credit score isn't completely perfect. With the FHA Loan you can receive an FHA mortgage just 3 years after discharge of a bankruptcy. An added bonus is that when you need assistance with down payment or need a co-signer, FHA allows members of the family to help.
VA Loans: If you are a veteran or active duty military, VA is the perfect home mortgage choice you can make.
Rates are low with VA, and there is no month-to-month mortgage insurance. Mortgage insurance coverage is a further insurance coverage that helps the lender in case you foreclose on your home. Mortgage insurance coverage is added to your payment. Every other mortgage program besides the VA will have mortgage insurance coverage in case you have less than a 20% down payment.
There may be additionally no down payment required! Honorably discharged Vets and presently active military in good standing are eligible. We can assist you confirm your eligibility quickly. If you were disabled in the line of duty - your VA funding fee will also be waived.
Whichever way you go, a great lender might help you to determine the best route on your situation. Make certain you might be getting the perfect advice for YOU and never for the lender. First Time Home Buyer Programs in Lees Summit will be intimidating and confusing, however a very good lender will enable you navigate by the process.
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